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Minoan exits the Adriatic after 35 years

Emanuele Grimaldi-led ferry owner redelivers two ships serving the Greece-Italy route to sister company.

Minoan Lines has exited the Adriatic route as it redelivers two ships to a sister company of the Grimaldi Group.

The Greek ferry company, which is controlled by the Italian group, will stop serving the Patra-Ancona route after 35 years.

In an announcement to the Athens Stock Exchange, Minoan said the time charters of the 54,310-gt Cruise Europa (built 2009) and Cruise Olympia (built 2010) have ended.

Grimaldi Euromed will keep deploying the ships on the same route under its umbrella.

This means Minoan’s activities will be restricted to the Greek domestic market from now on.

Without Cruise Europa and Cruise Olympia, Minoan will lose its Adriatic income, which was EUR 104m ($109.5m) in 2015.

Minoan has another four vessels in its fleet while it has made efforts to take over rival Hellenic Seaways over the summer.